Are ETFs responsible for commodity volatility?

From Commodityonline.com: Were exchange traded funds (ETFs) and speculative funds responsible for the sharp jumps and volatility in commodity prices seen last year?

It is no surprise that huge chunks of speculative money flooded the crude oil futures market in 2008 sparking a bull run for black gold and sending the commodity’s price all the way up to $147 per barrel, only to see it fall back down to around $45 per barrel, probably closer to its intrinsic value….. Full Article: Source